(Alliance News) - Chaarat Gold Holdings Ltd on Monday said Labro Investments Ltd bought GBP102,524 worth of shares in the company in two transactions last week.
Chaarat Chair Martin Andersson has an indirect beneficial interest in the majority of Labro's shares. On Thursday last week, Labro bought 150,018 at an aggregate price of 37.4p each for GBP56,174 and then the next day bought another 125,000 shares at an aggregate price of 37.1p each for GBP46,350.
As a result of these purchases, Labro's holding in Chaarat came to 145.7 million shares, or a 33% stake.
Prior to these purchases, on Tuesday last week, Chaarat's board - excluding Andersson - waived the requirement that Labro make an offer for Chaarat.
Chaarat's articles of association state that it can compel a shareholder with a more than 20% stake to make a mandatory offer. This was waived, and Labro was given permission to acquire up to 4.0 million shares by January 6, 2020.
Shares in Chaarat were up 0.6% at 37.61 pence in London on Monday.
By Anna Farley; email@example.com
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